Mr. Eugenio V. Obon

February 16, 1989 Mr. Eugenio V. Obon 9 West Point Street Cubao, Quezon City Sir : This refers to your petition, dated July 25, 1988, requesting for the release of 369,100 shares of stock in Philippine Monorail Transit System, Inc. in your name, which were previously ordered by the Commission to be held in escrow. In connection therewith, please be informed that the Order of the Commission, dated September 23, 1974 imposed the following conditions: 1. That out of the entire consideration of P21,800,000.00, P18,109,000.00 worth of shares shall be issued to the owner, Alfonso Doromilla, and the difference of P3,691,000.00 be represented by stock certificates to be held in escrow or kept and deposited with the Commission until it has shown to the full satisfaction of the Commission that the registrant has fulfilled the following conditions to wit: cdlex a) the real properties so acquired has been developed in accordance with the Development Plan submitted to this Commission and devoted for the purpose it was acquired and represented to this Commission; and b) start of actual operation of the business for which the corporation was organized. 2. That the said P3,691,000.00 worth of shares held in escrow shall not be sold, assigned, pledged or otherwise encumbered as long as the aforesaid conditions have not been fulfilled. In view of the non-fulfillment of the above conditions, the Commission en Banc in its meeting of February 9, 1989 decided to deny your request for release of the shares held in escrow by the Commission. Please be advised accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Chairman